Innovation is the bulb that will light the future of an organization. If a company wants to foster and prosper, organizational innovation should be the topmost priority in their business model.
According to a survey by Gartner, around 91% of marketers, 91 percent of marketers lead and support innovation initiatives. Innovation helps in saving resources which include time and money. These innovation principles give a competitive advantage to an organization over the companies that are already prevailing in the system.
Some ways to foster the application of principles of innovation in an organization are:
- Create room for innovation
To promote organizational innovation, a company must rise above the conventional resources and processes existing in the organization. A person should not conform to the existing procedures used as it would limit growth. By pushing the boundaries of a person and adopting the culture of innovation, employees would achieve the best to their abilities.
- Embrace risk and experimentation
It should be in the company’s culture to encourage risk-taking capabilities and the company’s desire to experiment. If a company walks on the path of cautiousness always, it is quite difficult to adopt organizational innovation. By experimenting and ability to take risks, only individuals would be able to bring a revolution in their company through innovation.
A team that supports each other instead of competing within themselves is very likely to win the market’s ultimate battle. Team members should have dependability, an effective and clear structure, spirit and sense of teamwork, self-belief in themselves and their team, sense of security and safety.
- Failure should be rewarded
In an organization, failure should not be considered as something to be despised. Rather, it should be seen as an opportunity to better yourself and the organization itself. If a company adopts the practice of acknowledging even failure, more innovative ideas would be encouraged by the employees.
- Simplistic management structure
The more complex the management system is, the more will be the gap between employers and employees. It should be simple, flat, and encouraging. This step would encourage an open flow of ideas, ease in communicating with the authorities, and foster innovation.
Innovation could only be fostered in an organization if a leader leads from the front and holds the belief in his company and the process of innovation. Thus, the kind of leadership will determine the future of a company and how much a company would be able to innovate.
- Take onus of client problems
The client’s feedback should not be considered a headache. Rather, lessons should be learned from them, and these insights should be used to apply to the company’s growth model as customers are the ultimate ones who need to be satisfied.
Innovation is the key that will unlock the success of an organization in the future. It is equally important to foster an innovative mindset within individuals as important it is to foster innovation. That’s where the role of an educational institution comes. An ideal educational institution like MIT ID Innovation fosters the students to be more innovative and take their companies to heights. So, if you are looking for an elite institution, MIT ID Innovation Programme will be a worthy investment.